Leading shares have recovered some ground after a fraught few days, as China’s central bank said there was no basis for any further devaluation of its currency.
The three effective attempts to weaken the yuan have sent markets into a spin, with mining shares and companies selling to China such as luxury goods business particularly hard hit.
But the FTSE 100 has recovered, up 38.40 points at 6609.59. The performance is even better than it seems, because around 34 points has been knocked off by a number of companies going ex-dividend.
Also among the fallers is G4S after the outsourcing group’s results on Wednesday. Goldman Sachs analysts cut their rating from neutral to sell and their price target from 300p to 260p. They said security services companies will have to increase capital spending as the industry changes, while there is also pressure from slowing growth in emerging markets.
Back with the ex-divs, and BT is down 7.6p to 453.8p, Rio Tinto is 67p lower at 2487.5p and Pearson is 17p lower at £11.49.
Travel group Tui has climbed 85p to £11.30 after its results and a positive outlook, despite the Tunisia terrorist attacks costing it up to €40m in cancelled holidays. The massacre saw 38 mainly British holidaymakers killed.
Rival Thomas Cook has climbed 3.9p to 116.3p.
Elsewhere an upbeat trading statement lifted Coca-Cola Hellenic Bottling 137p to £14.60, making it the biggest riser in the leading index.
Among the mid-caps Rightmove has risen 124p to £37.44 after Citigroup lifted its price target from £32.20 to £37.
